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First Nasdaq-listed Filipino-owned company Hotel101 Global enters Cambodia
[SINGAPORE] Hotel101 Global, the first Filipino-owned company to list on the Nasdaq stock exchange , on Wednesday (Aug 20) entered into binding agreements with Cambodian real estate developer Canopy Sands Development to build two hotels in the country.
'(This marks) a pivotal step in Hotel101 Global's long-term vision to operate one million hotel rooms across 100 countries', said the proptech hospitality platform and its parent DoubleDragon – whose chairpersons Tony Tan and Edgar Sia are the respective founders of two of the Philippines' largest fast-food chains, Jollibee and Mang Inasal.
The companies noted that the move is part of Hotel101's global expansion strategy, with Cambodia as the sixth country that the group has entered – after the Philippines, Japan, Spain, the US and Saudi Arabia.
'Cambodia is seen as a lucrative market for Hotel101 as the country was reported to have received a total of over 6.7 million international visitors in 2024. (This) is expected to further grow with the upcoming opening on Sep 9 of (the) new Techno International Airport in Phnom Penh,' the companies said.
The hotels will be located in Phnom Penh, Cambodia's capital and commercial hub, and Sihanoukville, a coastal town and bourgeoning financial area.
They are anticipated to be among the largest hotels in Cambodia by number of rooms upon completion and are expected to generate US$109.6 million in sales revenue once they are fully sold, Hotel101 and DoubleDragon said.
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Scheduled to be completed by 2028, the hotel projects are expected to contribute to Cambodia's economy through job creation, foreign investment and tourism, they added.
The hotel in Phnom Penh will be built on a 2,033 square metre (sq m) commercial land plot located in the capital's Tonle Bassac district – a vibrant riverfront and economic and cultural hub.
It will be located near the upscale Boeung Keng Kang district, an expatriate and business enclave, as well as landmarks such as Aeon Mall 1 and the Independence Monument, which commemorates the country's independence from French colonialism.
The hotel in Phnom Penh will be built on 2,033 sq m of commercial land in the capital's Tonle Bassac district. ILLUSTRATION: HOTEL101 GLOBAL; DOUBLEDRAGON
With around 700 rooms, the 30-storey hotel is expected to be one of Cambodia's largest hotels by number of rooms.
The hotel in Sihanoukville, a rising tourism hub, will be sited on 4,623 sq m of prime commercial land and will be a five-minute drive from Sihanoukville airport, Cambodia's third-largest international airport.
It is part of a 934 hectare, US$16 billion coastal development led by Canopy Sands Development in Sihanoukville. It is next to the site of a proposed international convention and exhibition centre in the development.
The hotel in Sihanoukville, a rising tourism hub, will be sited on 4,623 sq m of prime commercial land. ILLUSTRATION: HOTEL101 GLOBAL; DOUBLEDRAGON
With around 680 rooms, it is expected to be the largest hotel in Sihanoukville by number of rooms.
Both hotels will feature Hotel101's quintessential offering of standardised, 21 sq m units that come equipped with kitchenettes and other amenities.
Hotel101's first three overseas projects are under development in Niseko in Japan, Madrid in Spain and Los Angeles in the US.
